Apply for a car loan
Get StartedYou just need a reliable way to get around in New Brunswick. We just want to help. That's why we made it easy for you to get the financing you need to buy a car.
We’re proud of the car loan service we offer. Here’s why applying for a car loan online through LowestRates.ca is the better way.
Applying only takes a few minutes.
Got bad credit or no credit at all? Don't sweat it.
Our auto loans range from $5,000 to $40,000.
Your info only goes to the dealer we match you with.
There's no charge to use our car loan service.
Our auto loan rates in New Brunswick are market-competitive.
Yes. We work with an exclusive network of lenders and dealers who specialize in financing for Canadians who don't have great credit. So even if you have bad credit or no credit history at all, we can match you with a dealer nearby and help you get approved for a loan.
Currently, the sales tax (HST) on vehicles in New Brunswick is 13%. In July 2016, the HST rate is increasing to 15%, the highest rate in Canada.
We leave that up to the dealer offering you the loan. Usually, your rate is based on a number of different factors, like your credit, income level, employment history, and loan amount.
It depends on the current state of your finances.
Your monthly payments are larger with a short car loan, so you can pay off your loan faster and save money on interest. The bad news is that not everyone can afford those big monthly payments.
In contrast, longer car loans give you more time to pay off your principal balance, which means your monthly payments are cheaper and easier to budget for. Unfortunately, that also means you end up paying more interest in the long run.
So here's a summary: If you can afford larger monthly payments, choose a short loan. If you need to break your loan into smaller, more manageable chunks, opt for a longer loan. Check out our graph below to see what your monthly payments might look like on an $8,000 car loan at 8% interest.
Monthly payments on a $8,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $362 |
| 36 months | $251 |
| 48 months | $195 |
| 60 months | $162 |
| 72 months | $140 |
| 84 months | $125 |
| 96 months | $113 |
Secure your car loan before you start shopping for a vehicle. You'll have a better sense of which cars you can realistically afford once you know your car-buying budget.
Read up on the insurance rankings, safety features, and security add-ons associated with any vehicle you're interested in before you buy it. If you're looking at a used car, use the vehicle identification number (VIN) to check the car's history and to find out if it's been in any reported accidents.
New Brunswick families and individuals with an annual income of $35,000 or less may qualify for a full HST credit. If you're eligible, you'll receive your first tax credit payment in October 2016. Factor this credit into your monthly budget if you plan on buying a new or used car soon.
Always take a car for a test drive before you purchase it. And don't be shy. Drive the vehicle at different speeds and on a variety of roads.
To calculate the actual cost of your new or used vehicle, consider your loan amount, what interest rate the dealer is offering, and how long your loan term is. Remember: you pay more interest on a longer car loan, and your car depreciates in value as the years go by.
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